China to become world's largest consumer market in 2015: Commerce Minister

Chinese Minister of Commerce Chen Deming speaks during the opening ceremony of the first China Beijing International Fair for Trade in Services in Beijing, capital of China, May 28, 2012. The first China Beijing International Fair for Trade in Services opened in Beijing on Monday. The fair attracted more than 22,000 service providers from 82 countries and regions to foster trade in the sector for the coming five days. (Xinhua/Zhang Yu)

BEIJING, May 28 (Xinhua) -- China's Commerce Minister Chen Deming said Monday that China is expected to become the world's largest consumer market in 2015.

The volume of consumer retail sales will surpass 5 trillion U.S. dollars in 2015 amid an accelerated urbanization rate and the rise of people's incomes, Chen said at the opening ceremony of the first Beijing International Fair for Trade in Service.

The number of outbound tourists is expected to reach 88 million at that time, he said.

Demand for home services, education and training, medical care, financing, technology and tourism is booming, he said.

China currently ranks fourth in the world in terms of service trade volume, with 419.1 billion U.S. dollars in 2011 compared with 66 billion U.S. dollars in 2000.

Hosted by the Ministry of Commerce and the Beijing municipal government, the Beijing Fair, akin to China's major commodities fair, the Canton Fair, attracted more than 22,000 service providers from 82 countries and regions to foster trade in the sector for the coming five days.